Page 3 - Loans

Retail, farm segments set to drive credit growth in FY23: CRISIL

Banks' net interest margin should expand in the near term despite credit costs expected to normalise

Pakistan to seek US help to secure $13 bn loans at Geneva meet for projects

Over two dozen infrastructure projects worth $13 billion will be shared that have been cleared by relevant and competent forums and are ready to be invested in at any time

Give loans at lower rates on clean energy vehicles: Gadkari tells banks

Union Minister Nitin Gadkari on Friday asked banks to give loans at reduced interest rates to those seeking to buy vehicles that run on clean energy, including flex fuel, electricity and hydrogen. Speaking at the golden jubilee celebrations of a cooperative bank in Kalyan in Maharashtra's Thane district, the Union Minister for Road Transport and Highways said it was his dream that vehicles running on diesel and petrol get phased out in the next four to five years. He said banks must rate industries based on thee performance on various parameters over the past five years and give those scoring high marks loans within 24 hours, adding credibility and goodwill would be the biggest capital in the 21st century. Speaking about passenger benefits if public transport turns towards electric vehicles, Gadkari said the cost of operation of a non-air conditioned electric bus is Rs 39 per kilometre, while it is Rs 41 per kilometre for an AC electric bus. "All buses in cities like Thane, Kalyan

Banks have written off loans worth Rs 11.17 trillion in last 6 years: Govt

Banks have written off Rs 11.17 lakh crore bad loans from their books in the last six years till financial year 2021-22, Parliament was informed on Tuesday. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of write-off, Minister of State for Finance Bhagwat Karad said in a written reply. Banks write off NPAs as part of their regular exercise to clean up their balance sheet, avail tax benefit and optimise capital, he said, adding, the write-off is carried out by the banks in accordance with RBI guidelines and policy approved by their boards. "As per RBI data, public sector banks (PSBs) and scheduled commercial banks (SCBs) wrote off an aggregate amount of Rs 8,16,421 crore and Rs 11,17,883 crore respectively during the last six financial years," he said. With regard to the list, including names of write-offs/defaulters who have defaulted m

Loans worth Rs 1,009,511 written off in last 5 financial years: Sitharaman

Scheduled commercial banks have written off loans amounting to Rs 10,09,511 crore in the last five financial years and the process of recovery of dues from the borrowers continues, Union Finance Minister Nirmala Sitharaman informed the Lok Sabha on Monday. Sitharaman said recovery in NPA (non performing asset) accounts, including written-off loans, was an on-going process. According to Reserve Bank of India (RBI) data, public sector banks have recovered Rs 4,80,111 crore, including Rs 1,03,045 crore from written-off loans, during the last five financial years, she said. "As per inputs received from the RBI, scheduled commercial banks have written off an amount of Rs 10,09,511 crore during the last five financial years," Sitharaman said during Question Hour. The borrowers of written-off loans continue to be liable for repayment and the process of recovery of dues from the borrower in written-off loan accounts continues, she added. Banks continue to pursue recovery actions initiated

Microfinance loans grow 11% to Rs 71,916 crore in Q2 FY23: Report

Microfinance loans in the country grew by nearly 11 per cent to Rs 71,916 crore during the second quarter of the current fiscal, industry data showed. Microfinance loans worth Rs 64,899 crore were disbursed during the same period a year ago. In terms of volume, a total of 1.81 crore loans were disbursed during Q2 FY2022-23, as against 1.85 crore loans in Q2 FY2021-22, as per the latest report by Microfinance Institutions Network (MFIN). According to the MFIN Micrometer Q2 FY2022-23 report, the country's microfinance loan portfolio stood at over Rs 3 lakh crore at end-September 2022, serving 6.2 crore unique borrowers with 12 crore loan accounts. "The overall microfinance industry currently has a total gross loan portfolio (GLP) of Rs 3,00,974 crore as on September 30, 2022... an increase of 23.5 per cent year-on-year over Rs 2,43,737 crore as on September 30, 2021," the report said. Of the total micro loans outstanding, the largest share of 37.7 per cent is held by 13 banks, amoun

Indian banks' loans rose by 17.5% y-o-y in 2 weeks till December 2: RBI

Indian banks' loans rose 17.5% in the two weeks to Dec 2 from a year earlier, while deposits rose 9.9%, the Reserve Bank of India's weekly statistical supplement showed on Friday

Loans of Rs 7.62 trillion provided to thermal power plants in India: Report

Loans amounting to Rs 7.62 lakh crore have been provided by 84 lenders, both national and international, to thermal power projects in India, with a capacity of 1,000 MW and above between 2005-2022

Higher penetration doubles quarterly MSME loan disbursals since 2020: Rpt

The disbursals have been led by increased penetration as the approval rate for medium risk loans remained stagnant between FY21 and FY22: MSME Lending Report 2022

'Banks not required to inform about rate change in floating plan': NCRDC

NCDRC said that the borrowers have already agreed to such fluctuations while executing loan agreements

Curb on securitising short-term maturity loans may hurt micro loan biz

Change required by the central bank could make a certain portion of loan books ineligible for securitisation

Hyderabad airport operator to raise Rs 1,250 crore to retire forex debt

To float AA-rated 10-year NCDs at a lower rate of interest than the 5.37% coupon on dollar-denominated senior secured notes due for repayment in April 2024

Google asks illegal loan apps in Africa to present license to operate

The move on Google's part was necessary to protect borrowers from rogue loan apps, many of which charge borrowers outrageous interest rates as well as operate against legal provisions.

60% in survey report personal data breach by their loan service provider

Four out of 10 in LocalCircles study point finger towards insurance providers or banks

Govt had no outstanding loans from RBI in Nov 11 week: Supplement release

The central government had no outstanding loans in the week earlier as well

6 in 10 Indians report data breach by loan service providers: Report

It is clear that people believe financial institutions are failing in their responsibility to protect their personal data

SBI expects 14%-15% corporate credit growth in FY23, says top executive

Speaking of weak deposit growth being seen across the banking system, Swaminathan said it would require banks to be watchful

Edelweiss to slash wholesale loan book to Rs 2,900 crore in 2 years

In a filing with BSE, the company said improved macro environment and sell-down capabilities were driving faster book reduction

Bharat Highways InvIT to raise Rs 3,000-crore through rupee-term loans

To retire debt of seven road projects that it will acquire

Go First plans to avail Rs 600 crore loan under ECLGS for its operations

Budget airline Go First plans to soon avail Rs 600 crore loan under the Emergency Credit Line Guarantee Scheme (ECLGS) for its operations amid rising air travel demand, according to a source. The source at the airline also said that promoters have infused around Rs 2,800 crore in the last 15 months which has helped the carrier tackle multiple headwinds, including due to the pandemic, travel curbs and higher fuel costs. To help the airline industry, which is on the recovery path after being significantly hit by the pandemic, the government, last month, modified the ECLGS by raising the limit of loan that can be availed by an entity to Rs 1,500 crore from Rs 400 crore earlier. The source said that so far, the airline has availed Rs 400 crore under the ECLGS. "We will be applying for Rs 600 crore under the ECLGS in the next few days. Banks like Central Bank, Bank of Baroda and IDBI are our lenders. We will be approaching them first to avail these funds," the source told PTI. Out of